Investment Funds, Companies and Miscellaneous Provisions Act 2005

Non-application of this Part to certain undertakings.

7

7.—(1) The provisions of this Part shall not apply to an undertaking for collective investment in transferable securities (within the meaning of the UCITS Regulations) that is authorised—

( a) under the UCITS Regulations, or

( b) by a competent authority in another Member State of the European Communities in accordance with Council Directive No. 85/611/EEC of 20 December 1985, as amended from time to time.

(2) A common contractual fund shall not be subject to the provisions respecting—

( a) a partnership under the Partnership Act 1890, the Limited Partnerships Act 1907 or the Investment Limited Partnerships Act 1994 , or

( b) a unit trust scheme under the Unit Trusts Act 1990.